Revenue Efficiency Evaluation of IGB Auctions Held by the Ministry of Finance of Ukraine
Journal Title: Бізнес Інформ - Year 2016, Vol 9, Issue
Abstract
The article studies revenue efficiency of the internal government bond auctions held by the Ministry of Finance of Ukraine. In the article, a definition and an «ideal» index of revenue efficiency of the government securities auction are developed. Evaluation of this index requires knowledge of confidential information, which belongs to the bidders. Therefore, for the empirical research, a set of alternative indices that can be evaluated based on public data only is suggested. This set of indices includes premium for volume, competitive discount, maximal premium for volume, minimal competitive discount, relative weighted-average yield and relative threshold yield. Using these indices, the author evaluated the level and dynamics of revenue efficiency of the short-term IGB auctions held by the Ministry of Finance from January 2010 to July 2015. The evaluation revealed that at least beginning from 2013 efficiency of the analyzed auctions was rapidly decreasing. Moreover, it turned out that revenue efficiency of the short-term IGB auctions was largely determined by characteristics of the auctioned securities, state of financial markets, and level of competition among primary dealers.
Authors and Affiliations
Oleksandr Kikot
Keywords
Related Articles
- EP ID EP123445
- DOI -
- Views 84
- Downloads 0
Evolution of Macro-generations: Multi-agent Approach
The article offers an approach to modelling macro-economic dynamics as a process of change of macro-generations, which envisages a preliminary analysis of macro-dynamics with the use of the production function, justifica...
Peculiarities of Establishing Social Standards in the Context of Consumer Expenses in Ukraine
The article is concerned with synthesizing and analyzing both substance and meaning of the following economic categories: «consumer basket», «subsistence minimum», and «minimum wage». Peculiarities in establishing levels...
Organizational-Functional Structure of the GATT/WTO and its Conjugation with the System of International Institutions
The article is concerned with determining the peculiarities of the organizational-functional structure of the GATT/WTO and its conjugation with the system of international institutions. The World Trade Organization is a...
Financial-Credit Aspects of the State Regulation of Agrarian Production in Ukraine
The article is concerned with evaluating the role of the State in stimulating development of agriculture in Ukraine, the status of the State financial-credit support for agrarian production, as well as substantiation of...
Main Components of the Mechanism of Readjustment of Ukrainian Enterprises
The article considers importance of theoretical provisions of scientific substantiation of readjustment of an enterprise. It formulates a system of readjustment measures of organisation and legal, production and technica...